By ipomarket.in Editorial Team · Last reviewed: 2026-11-07
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
IL JIN Electronics (India) Limited, a material subsidiary of Amber Enterprises India Limited, has filed its draft red herring prospectus (DRHP) with SEBI on November 7, 2026, to raise ₹2,500 crore. The issue is structured entirely as a fresh issue, with no offer for sale (OFS) component. Because this is a draft filing, the IPO is still at an early stage: the price band, subscription dates and listing date have not been announced, and the DRHP must still clear SEBI review.
What is being proposed
The DRHP outlines a pure fresh issue of ₹2,500 crore. In a fresh issue, the company itself issues new shares and receives the money, as opposed to an OFS where existing shareholders sell their stake and the company gets nothing. Here, 100% of the proceeds flow to the company — a point worth noting for anyone tracking where IPO money actually goes.
According to the DRHP, the proceeds are earmarked for repaying or prepaying outstanding borrowings of IL JIN Electronics and its subsidiaries Ascent Circuits and Shogini Technoarts, alongside manufacturing expansion. Debt reduction as a stated use of proceeds suggests the company carries borrowings it intends to pare down using primary capital.
The business
IL JIN Electronics operates across four business segments: electronics manufacturing services (EMS), bare printed circuit board (PCB) manufacturing, power electronics and industrial automation. EMS refers to contract manufacturing of electronic assemblies for other brands, a segment that has drawn significant investor attention in India in recent years.
The company currently runs 11 manufacturing facilities — 10 in India and one in Israel. The overseas facility is a notable feature for a company at this stage and reflects an international manufacturing footprint rather than a purely domestic operation.
Financials disclosed so far
The DRHP shows sharp top-line and profitability growth over a two-year window:
- Revenue from operations: ₹3,268.47 crore in FY26, up from ₹1,240.41 crore in FY24.
- EBITDA: ₹321.07 crore in FY26, up from ₹71.42 crore in FY24.
EBITDA (earnings before interest, tax, depreciation and amortisation) is a measure of operating profitability. Both metrics have expanded considerably between FY24 and FY26, though the DRHP figures available at this stage do not disclose net profit, debt levels or the FY25 interim numbers that would let investors judge how steady that growth has been. Those details should become clearer once the full offer document and any updated red herring prospectus are published.
Who is running the issue
Motilal Oswal Investment Advisors, Axis Capital and Jefferies India have been appointed as the book-running lead managers. KFin Technologies is the registrar to the issue — the entity that will handle application processing and allotment once the IPO opens.
The Amber Enterprises connection
IL JIN Electronics is a material subsidiary of Amber Enterprises India Limited, the Punjab-based appliances and electronics manufacturer. Amber itself was incorporated in 1990 and manufactures air conditioners and components in India.
Amber has a public-market track record that provides useful context. When Amber Enterprises went public in January 2018, its IPO was priced in a band of ₹855–₹859 per share and sized at ₹600 crore, comprising a fresh issue of ₹475 crore and an OFS of ₹125 crore. The bidding ran from January 17 to 19, 2018, and the issue was subscribed 164.75 times on the final day. Amber listed on January 30, 2018, at ₹1,237.25 — a gain of 44.03% over the ₹859 issue price. At the time of that IPO, Amber was the leading room air conditioner OEM/ODM in India with a 55.4% market share by volumes in FY2017, and it reported a net profit of ₹27.31 crore on net sales of ₹938.16 crore for the half year ended September 30, 2017.
The parent's strong listing is historical context, not a predictor. A subsidiary's IPO stands on its own financials, valuation and market conditions, which will only be assessable once IL JIN's price band is set. You can read more on how a fresh issue differs from an OFS and how to read a DRHP before investing.
What remains unknown
At this stage, several of the figures that retail investors care about most are simply not available:
- The price band has not yet been announced, as the SEBI review is pending.
- The subscription and listing dates have not been announced.
- Valuation multiples cannot be computed without a price band and a confirmed share count.
Until SEBI clears the DRHP and the company files a red herring prospectus with the price band, any grey market premium or expected-gain chatter would be speculative. For a sense of why early-stage GMP numbers deserve caution, see our explainer on what GMP tells you. You can track the status of this and other draft filings on our upcoming IPOs page.
FAQ
What is the IL JIN Electronics IPO size?
The DRHP proposes a ₹2,500 crore issue, structured entirely as a fresh issue with no offer for sale component. All proceeds go to the company.
When will the IPO open and what is the price band?
Neither the subscription dates nor the price band have been announced. The DRHP was filed with SEBI on November 7, 2026, and these details are typically set after SEBI completes its review and the company files its red herring prospectus.
What will the IPO money be used for?
According to the DRHP, the proceeds are intended for repaying or prepaying outstanding borrowings of IL JIN Electronics and its subsidiaries Ascent Circuits and Shogini Technoarts, along with manufacturing expansion.
How is IL JIN Electronics related to Amber Enterprises?
IL JIN Electronics is a material subsidiary of Amber Enterprises India Limited, which has been listed since January 2018. The parent's past performance does not determine the subsidiary's IPO outcome.
What does IL JIN Electronics do?
It operates across four segments — electronics manufacturing services (EMS), bare PCB manufacturing, power electronics and industrial automation — from 11 facilities, of which 10 are in India and one is in Israel.
Last reviewed: 2026-11-07. Figures are drawn from the DRHP and reported filings; verify against the final offer document before making any decision.